Re: March 2016 Check In Thread

Just started the challenge, but figured I'd go ahead and give an update on my actions this month. I began March with a 589 average, but have added to my cc base.

As of now, I was accepted for three accounts putting my CC total at four, and a CL of $9,000.

NFCU - 6.5k (5.9k balance)

*CapitalOne Platinum - 2k (zero balance)

*Vicky's (SCT) - $250 (zero balance)

*Express (SCT) - $250 ($50 balance)

Goals for the next six months is to garden these four cards, which means paying down the NFCU and alternating purchases on the other three once per month. I will then reavaluate and look for a decent travel rewards card or potentially an Amazon card.

Do remember though that if you're paying interest on any balances, don't look for any new credit that has great rewards (IMHO) One needs to make sure these balances aren't charging you more or keeping you in debt, so look for 0% interest transfer cards or something if you must look. Rewards are great, but if you're being charged more on the balances you have than you're actually making in your spending, what's the point? Has to make financial sense, you know? Best of luck! On the Express card and any other SCT, I'm assuming you're PIF on those, right? (Since they always have a high APR.)

Re: March 2016 Check In Thread

Morning... I've been on this site way longer than intended this morning, lol... Anyhow... This month has started off fantastically. The end of last month, I got a mailer that I was pre-qualified for the GM BuyPower Card. I was not sure if it was a joke or a waste of a hard pull, so I let it sit. One day, I was on Victoria's Secret and finally, after months of trying, got the SCT pop up, for $350, I accepted. After accepting, I waited a few days and decided to try for the GM Card, approved $300. I tried more SCT stores and got the King Size Credit Card, with a $150 limit.

I just plan on making payments this month, nothing exciting. The end of the month, I MAY try for a Barclays or a Cap One card. Dunno....

Finally glad to have more than a Fingerhut Account.

Don't go too crazy on the SCT cards or store cards. Yes, they serve a purpose, but if you get a ton I think that devalues any potential major CC you'll be approved for in the future. And also, they'll be more likely to deny due to too many new accounts and other things just simply do to the thinness of your profile. (Garden for say 6 months to 1 year and try Capital One or other prequalifiers.) You'd probably be approved for a QS1 now if you got the GM card. With regards to the King Size card.. can you actually use this? If you do try Barclay, make sure you do garden for at least6 months after opening it. (As you'll want to show any major lender that you're trying to build a solid foundation for your credit.)

Re: March 2016 Check In Thread

hello i'm waiting for the Ch13 (discharge 1/2014) and 4 inquiries (3/2014) to fall off all 3 reports, keeping credit usage around 7%, getting ready to refi in a couple of months, haven't opened new credit in almost 2 years.

Re: March 2016 Check In Thread

Do remember though that if you're paying interest on any balances, don't look for any new credit that has great rewards (IMHO) One needs to make sure these balances aren't charging you more or keeping you in debt, so look for 0% interest transfer cards or something if you must look. Rewards are great, but if you're being charged more on the balances you have than you're actually making in your spending, what's the point? Has to make financial sense, you know? Best of luck! On the Express card and any other SCT, I'm assuming you're PIF on those, right? (Since they always have a high APR.)

Kenny,

That is correct, I will PIF the Express and Vickys every month as the APR is very high at 27%. The only acount with a carried balance is my longstanding NFCU which I'm paying down $750 every month. Thanks for the tips on rewards cards. I have plenty of time to research my next card (6-9 months) but I'm leaning towards a card with a specific use such as 0% for 6 months on large purchases or similar.

Re: March 2016 Check In Thread

I posted in the 2016 thread, but thought I'd pop in here, too. My Transunion score just updated and increased 20+ points for paying down my balance. My other reports haven't updated yet, and the Transunion hasn't reported all of my payments, so I'm pretty psyched to see what happens when all of my reports are recognizing 9% util!

Re: March 2016 Check In Thread

I have three medical baddies on my credit report. I read on the website MagnifyMoney.com (blog dated August 12, 2014) that if you have unpaid medical bills you will be “punished less” with the new FICO 9 scoring model. Although that may be the case I still want them removed from my credit report.

The three unpaid medical bills totaling $326 ($59, $76, $192) will be paid off one per month.

I’m slowly but surly getting there. I’m just glad to finally tackle this and get my credit back in order.

I can’t say it enough that these forums are so invaluable. I am learning so much every day from the community. Many thanks to the community for sharing.

Re: March 2016 Check In Thread

Things I paid off (charged off cards) are starting to reflect on my reports as zero balances and my scores are climbing a bit. I did app and get two more cards. I wanted that magic number of three, and now I'm sitting at that. I'm pretty much in a holding pattern for now. My myFICO scores as of 03/11/2016 are EQ 590, TU 594, and EX 614.

I keep obsessing over how slow it's going as I really want my scores to climb enough so I can get my dream car...

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